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The $4 billion Mid-Atlantic Corporate FCU today released on update on the progress of its new membership structure, which has resulted in capital conversion agreements that total nearly $116 million.

Most of those funds, some $108 million, will be considered Tier-1 capital under NCUA’s proposed new corporate rules. The Middleton, Pa.-based credit union said the agreements, which will take effect upon NCUA’s release of final Part 704 regulations, add up to more capital-contributing members than before the corporate crisis began.

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